So, we all know that SGS has extremely liberal grading standards, but that isn't what this thread is about. This thread is about speculating how much money this guy makes scamming people. On any given day searching ebay, I see his coins going for several hundred more than they should, and that is on multiple coins. I wouldn't be surprised if this guy is easily making over 500k a year scamming people. I've seen his coins start turning up in shops where newbies think they got an awesome deal, only for the dealers to tell them they got screwed. This guy is such a con. Anyone else care to speculate on his profit margins?
No clue how much this guy is scamming from people but the thing that strikes me is the lame name Star Grading Service. It's like Jiffy or Acme Grading service, just doesn’t sound legit. I’ve seen his coins all over E-bay too; it’s a sad testimony to ethics in this day and age.
Honestly, since there is no *one* grading method or standard, anyone can make up whatever grading system they like, grade stuff, and sell it at whatever price they can get for it. You could, I could, we all could. To me, it's like harping on Starbucks for selling $5 cups of coffee.
Nope--I saw a whole set of PF Cents (1959-date if I remember right) at a coin show all graded by SGS...the guy had them set out like they were TOPS....that was one reason I didn't buy anything at his table. Speedy
You're kidding...a dealer doing that? It's one thing for a new collector falling for something like this...but a dealer????? That's either got to be major ignorance or neglect. :hatch:
There's a secondary market springing up from SGS also - I note a few different sellers on Ebay offering SGS-graded coins. This has to stop before all of our reputations are ruined.
Yep---I didn't check his price...he might have been selling them cheap since they were in the holders but if it was me...I would have pop'ed open all of the "slabs" and put them into nice looking flips. Speedy
Unfortunately, as zaneman said 500K/year is probably not all that conservative a guess given the volume and prices. Also, unfortunately, without a central governing/licensing body for grading companies, I do not think this guy will be the last of his kind either.
I admit it...I tried to sell my own graded coins under the same standards as Star Grading Service (SGS) and Aboncom who coincidentially are both out of the great state of Ohio. Could it be that they are both owned by the same person!?! It couldn't be, could it?? BTW, If any of you submitters request express service, I will give you an extra security staple. Note how each "slab" is sealed with the same high quality tape that SGS uses! If anybody is interested, please look up Midas Grading Services (MGS) under MS70 or PR70 coins and I promise you...all of your submissions will be "perfect", just like my customers!
Hey Midas how much do you charge, I wouldn't mind submiting my worn 1861 3 cent piece for MS-70 perfect. :goofer:
Let's see, my slab costs about 10 cents, 3 staples cost about 5 cents. Remember, the 4th staple is FREE for express service. Time, label, and certificate of authencity... Hold on, I am adding it up... For all of the above services rendered, $.70 cents ("70 for 70" is my slogan) plus $7.70 for S&H for each submission. My turnaround for economy service is a lighting fast 150 days. Please pay up front with cash, money order, or cashier's check. I will hold your money until I render my services...eventually. Express service is 30 days and the 4th staple is FREE. How do you like my new slab design. Like the gold foil labels like SGS?? After all, they are America's Grading Company, but I am the KING of all coin grading companies!!
Collectors Beware!!!! I agree with everyone here that ripoffs, scam artists, frauds, fakes and overall crooks are out there to prey on anyone nieve enough to be taken. I have been learning the hard way ever since I started collect coins. BUT! I have been learning, and what I have been learning is to learn more and more about what it is I want to collect and how to collect. I was thrilled when I first saw a set of SGS PR70 Kennedy's on ebay, but by that time I had already learned that if it seems to good to be true it most likely is. This web site is a great resource for me and along with my coin club buddies and true blue dealers I have trust in, I am today comfortable with the fact that "I" won't be taken by ripoffs like SGS and NTC for that matter. Midas makes a great point. I'm not sure that this is the point he was tring to make, but anyone could be grading services. I work with Ultra Sonic welders every day and its not rocket science to weld two pieces of plastic together.
